Plug Power (NASDAQ:PLUG) Trading Up 3.2% - Still a Buy?

Plug Power, Inc. (NASDAQ:PLUG - Get Free Report) was up 3.2% during mid-day trading on Thursday . The stock traded as high as $1.55 and last traded at $1.45. Approximately 56,119,786 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 69,833,726 shares. The stock had previously closed at $1.40.

Analysts Set New Price Targets

Several equities research analysts have commented on PLUG shares. Susquehanna dropped their price target on shares of Plug Power from $1.80 to $1.25 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Piper Sandler decreased their price target on Plug Power from $1.10 to $0.80 and set an "underweight" rating for the company in a research note on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $3.00 price objective on shares of Plug Power in a research note on Monday, March 24th. Wells Fargo & Company dropped their price target on shares of Plug Power from $2.00 to $1.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 14th. Finally, BMO Capital Markets lowered their price objective on shares of Plug Power from $1.60 to $1.40 and set an "underperform" rating on the stock in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $1.83.

Plug Power Price Performance

The company's 50-day simple moving average is $0.99 and its 200 day simple moving average is $1.53. The company has a quick ratio of 1.07, a current ratio of 1.95 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.68 billion, a P/E ratio of -0.59 and a beta of 2.29.

Plug Power (NASDAQ:PLUG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The electronics maker reported ($0.21) earnings per share for the quarter, missing analysts' consensus estimates of ($0.20) by ($0.01). The firm had revenue of $133.67 million during the quarter, compared to analyst estimates of $130.92 million. Plug Power had a negative return on equity of 82.21% and a negative net margin of 312.29%. As a group, sell-side analysts expect that Plug Power, Inc. will post -1.21 earnings per share for the current fiscal year.

Insider Activity at Plug Power

In other Plug Power news, insider Paul B. Middleton bought 650,000 shares of the stock in a transaction on Monday, June 9th. The shares were purchased at an average price of $1.03 per share, with a total value of $669,500.00. Following the acquisition, the insider directly owned 2,558,064 shares of the company's stock, valued at $2,634,805.92. This represents a 34.07% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.41% of the company's stock.

Hedge Funds Weigh In On Plug Power

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund increased its holdings in shares of Plug Power by 13.9% during the 4th quarter. New York State Common Retirement Fund now owns 219,473 shares of the electronics maker's stock worth $467,000 after purchasing an additional 26,700 shares during the period. Bank of New York Mellon Corp grew its position in Plug Power by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 2,452,369 shares of the electronics maker's stock worth $5,224,000 after buying an additional 183,438 shares in the last quarter. Oppenheimer & Co. Inc. bought a new position in Plug Power during the fourth quarter valued at about $25,000. QRG Capital Management Inc. raised its holdings in Plug Power by 11.0% in the 4th quarter. QRG Capital Management Inc. now owns 100,369 shares of the electronics maker's stock valued at $214,000 after acquiring an additional 9,977 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of Plug Power by 107.4% in the 4th quarter. Jones Financial Companies Lllp now owns 11,730 shares of the electronics maker's stock worth $25,000 after acquiring an additional 6,074 shares during the period. Institutional investors own 43.48% of the company's stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.

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